APL panel decides against Harsh Lodha re-appointment in MP Birla firms

The committee of Administrators Pendente Lite (APL), appointed to protect the late Priyamvada Birla’s estate, has decided by a majority against re-appointment of Harsh Vardhan Lodha in M P Birla Group companies Birla Corporation and Universal Cables. Lodha is the chairman of both firms.

Apart from Lodha’s re-appointment, the APL committee decided against paying him profit-linked director’s remuneration from all four listed companies. The Birla Corporation AGM will be held on Tuesday.

The Birlas filed an application before the Calcutta High Court for implementation of the APL committee’s decisions. They also sought removal of Lodha from all positions within the M P Birla Group.